It is true that this device can be used nefariously. But it's just a computer with a wide variety of very basic and common communication methods along with software to exploit them. There are many other computers like it that are just less popular. And to ban it is to ban said basic communication hardware like radio, WiFi, NFC, etc.

The solution is to mandate companies to provide a minimum level of security. Even giant companies with good reputations have giant security holes, like Apple or your bank, implementing mandatory SMS as 2FA. That shit should be illegal.